Iskandar Malaysia nears RM100b investment target

  • Business
  • Friday, 09 Nov 2012

JOHOR BAHARU: Iskandar Malaysia is poised to breach the targeted RM100bil investment mark after recording RM99.79bil in total cumulative investment up to the third quarter of this year.

Iskandar Region Development Authority (IRDA) chief executive, Datuk Ismail Ibrahim said 42% of the total committed investment had been spent as of September this year.

For this year alone until September he said, the economic corridor has managed to attract a total of RM15bil in cumulative investment.

"We have been very aggressive in our promotional efforts to attract more investors to Iskandar Malaysia.

I am very happy to note catalytic projects such as Legoland Malaysia has also helped to reinforce the value proposition of the Iskandar Malaysia on the global platform," he said in a statement on Friday.

"We are confident that we will soon breach the RM100bil mark," he said in an update on the total cumulative investment Iskandar Malaysia has received since the 2,217 sq km economic corridor, bordering Singapore, was launched six years ago.

According to him, 63% (RM62.7bil) of the total cumulative committed investment received was derived from domestic sources while 37% (RM37.09bil) was from foreign entities.

In 2008, the ratio was 45% domestic and 55% foreign, he said.

"We see this shift as something positive and encouraging because while foreign investments continue to flow in, the domestic players are also ensuring they are not left behind," he said.

Of the RM99.79bil total cumulative investment recorded by Iskandar Malaysia, investments in manufacturing constituted RM33.36bil, properties RM32.94bil, government RM7.31bil, utilities RM9.52bil, tourism RM2.03bil and others RM14.63bil.

IRDA said it continued to reach out to various stakeholders through various events such as the JB Transformation Open Day, Iskandar Malaysia Sustainable Summit, Iskandar Learning Festival and Joint Transformation Forum.

Next month, Iskandar Malaysia will be playing host to the World Islamic Economic Forum (WIEF) and IRDA and its partners were looking forward to meet some 1,500 delegates who would be participating in the event. - Bernama

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